LONDON (Alliance News) - Orogen Gold PLC saw its shares rise early Thursday after it raised GBP75,000 by placing new shares with directors, money it will use along with the GBP1.1 million it raised in a placing last month to advance its exploration programme at the Mutsk gold project in Armenia.
In a statement, the company said it had placed 65.2 million new shares with the directors at 0.115 pence each. The placing shares represent about 1.87% of its enlarged share capital.
The company's stock was trading up 15.2% at 0.0979 pence early Thursday as the shares were placed at a price above its closing price on Wednesday.
Non-Executive Chairman Adam Reynolds, Chief Executive Ed Slowey, Finance Director Alan Mooney and Non-Executive Director Michael Nolan each agreed to subscribe for nearly 14.7 million placing shares, while Non-Executive Director Anthony Venus subscribed for 6.5 million.
Their holdings after the placing are as follows:
Director | Shareholding following Placing | % of enlarged share capital |
|
|
|
Adam Reynolds | 62,040,580 | 1.78 |
Ed Slowey | 140,896,071 | 4.04 |
Alan Mooney | 104,610,907 | 3.00 |
Michael Nolan | 104,610,907 | 3.00 |
Anthony Venus | 6,521,739 | 0.19 |
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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